The Statistical Review of World Energy published annually by BP (NYSE:BP) provides an excellent summary of the various parts of the energy complex in 2011. While this review is backward looking with the information already discounted by the market, the information is useful and can be integrated into an investor's sector allocation and stock selection process.

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Energy Demand
BP reported that global consumption of energy grew by 2.5% in 2011, a healthy demand number that was in line with the 10 year average, but far below the 5.1% growth reported in 2010. As expected, emerging economies accounted for the bulk of this growth, with China providing 71% of total energy demand growth in 2012. Demand from developed countries that belong to the Organization for Economic Co-operation and Development (OECD) dropped from last year, with Japan showing the largest decline in demand.

Stuck in a Rut
The review estimates that proved oil reserves in the United States totaled 30.9 billion barrels at the end of 2011, the same level reported at the end of 2009. It would seem that the huge surge in domestic oil development in the Bakken and Eagle Ford Shale and other areas has not yet moved the needle on proved reserves.

This may only be a matter of timing, as many in the industry believe that these resource plays hold an immense amount of oil and gas. Harold Hamm, the CEO of Continental Resources (NYSE:CLR), has been one of the most vocal in making this claim. Hamm recently said that the Bakken and Three Forks formations in North Dakota and Montana may hold up to 24 billion barrels of recoverable crude oil and natural gas liquids.

SEE: 5 Biggest Risks Faced By Oil And Gas Companies

Oil Production
Global production of crude oil and natural gas liquids totaled 83.5 million barrels in 2011, a 1.3% increase over the previous year. Colombia was one of the countries that provided the highest growth, with that country producing 930,000 barrels per day in 2011, up 16.3% from 2010.

Colombia has received a significant amount of investment from the oil and gas industry in recent years and hopes to get production up to 1.5 million barrels per day by 2015. Ecopetrol (NYSE:EC), which is the majority owned by the Republic of Colombia, is one of the largest producers here, with oil and gas production of 724,000 barrels of oil equivalent (BOE) per day in December 2011.

BP was active in Colombia until 2010, when the company sold its operations here to Ecopetrol and Talisman Energy (NYSE:TLM) for $1.9 billion, as it looked to raise cash to cover liabilities resulting from the Gulf of Mexico oil spill. BP had net production of approximately 25,000 BOE per day at the time of the sale.

SEE: Oil And Gas Industry Primer

The Bottom Line
The BP Statistical Review of World Energy contains an immense amount of information on world energy markets and can be used by investors to help round out an investment thesis on the sector.

At the time of writing, Eric Fox did not own shares in any of the companies mentioned in this article.